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(c) What is the probability that the mean price for a sample of 40 federal income tax returns is within $16 of the population mean?
(c) What is the probability that the mean price for a sample of 40 federal income tax returns is within $16 of the population mean? The population mean charge to tax preparation customers was given to be $273 with a standard deviation of $100. A sample from the population will not necessarily give these same values. Let x represent the sample mean charge for a group of 49 customers. The probability statement to be within $16 of the population mean of $273 was determined to be (257 s x s 289). Recall the formula to find the corresponding z values. x - H 2 The mean is u = 273 and the standard deviation was given to be o = 100. The size of the group is now 49 customers, so n = 49 Find the 2 value corresponding to x = 257, rounding the result to two decimal places. x - # 2 = 257 - 273 100 = Find the z value corresponding to x = 289, rounding the result to two decimal places. x - A Z 289 - 273 100
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